Homeowners who owe more money on their mortgage than the property is worth are eligible to receive up to $50,000 through the state’s new I-Refi program.
The program will allow homeowners to reduce what they owe and refinance based on the current appraised value of the home.
Homeowners who think they are eligible can attend an event on Wednesday, April 25th to learn more about the program.
“We believe this program can make a difference for hundreds of families across Illinois and we are proud to partner with Illinois Housing Development Authority (IHDA) for a second year to raise awareness and connect people to the program,” said Cynthia Mufarreh, Chief Community Reinvestment Officer, BMO Harris Bank. “This is an opportunity for people who meet the criteria for the assistance to speak to one of our BMO Harris Mortgage Bankers and get informed.”
“Even though our housing market is gaining strength, there are still thousands of families who may be eligible for this program,” said Rockford Mayor Tom McNamara. “I-Refi can give you a fresh start, and if you suspect your home is worth less than what you owe, we encourage you to reach out and apply.”
Illinois is the second in the nation with more than 15% of all its homeowners underwater on their mortgage.
The free event will take place at Katie’s Cup at 502 7th Street on Wednesday at 5:30 p.m. – 7:30 p.m.
To learn more, visit https://www.ihda.org/my-home/irefi/